Telehealth, also known as telemedicine, has become essential to modern healthcare. It has revolutionized how healthcare is delivered, providing numerous benefits that improve accessibility, efficiency, and patient outcomes. With its potential to expand care to more patients, reduce costs, and enhance patient engagement, telehealth has proven to be a valuable asset in the healthcare industry. As technology advances and the demand for remote healthcare services grows, telehealth will undoubtedly play an even more significant role in the future of healthcare.
1. Increases accessibility to patients
Telehealth makes healthcare more accessible to people who would otherwise face difficulties, for instance, patients who face physical, geographical, and other barriers. Providers can offer care to patients regardless of their location. For example, patients in rural areas or those who live far from healthcare centers can now receive care from providers via telehealth. This helps healthcare providers increase their reach and improves patient satisfaction and healthcare outcomes.
2. Enables expansion of care to more patients
Telehealth allows providers to expand access to care for current and future patients and reach beyond the traditional brick-and-mortar office. With an increased ability to provide synchronous and asynchronous services, remotely monitor patient health, and engage patients through mobile health outreach efforts, practitioners are continually finding ways to expand patient care outside the standard or traditional delivery models.
3. Reduces costly patient no-shows
Patient no-shows constitute a significant interrupter in the revenue stream of any practice. The convenience of receiving medical care services remotely, and most often from home, has consistently reduced patient no-shows by up to 50%. Considering that the average healthcare provider averages between a 5% to 7% no-show rate, and just one no-show per day can cost a practice anywhere between $30,000 and $100,000 in lost revenue each year (before factoring in costs associated with rescheduling, billing, and follow up), telemedicine offers a viable path to increased revenue.
4. Reduces staffing and overhead costs
The need for a physical office is eliminated, significantly reducing providers' overhead costs. Without the need for a dedicated physical space, providers can save money on rent, utilities, and maintenance costs. Additionally, providers can save on staffing costs, as they may need fewer support staff members to handle tasks like scheduling and record-keeping. Overall, it helps providers improve their profitability while lowering patient healthcare costs.
5. Improves efficiency by eliminating the need to travel, etc.
Providers can see more patients in a shorter amount of time. It eliminates the need for travel and other logistical tasks, such as setting up exam rooms, which can consume much time. Providers can use this extra time to focus on patient care, education, and other professional development opportunities. Additionally, it can reduce wait times, increase patient volume, and ultimately improve a provider's bottom line.
6. Enhances patient engagement
Telehealth enhances patient engagement by providing convenient and immediate access to healthcare services. It becomes an enabler of real-time communication with healthcare professionals, fostering regular check-ins and timely consultations. This accessibility promotes proactive healthcare management, empowers patients with information, and strengthens the patient-provider relationship for more engaged and informed care.
7. Increases revenue due to expanding patient base
With Telehealth, providers can expand their patient base and offer services beyond their physical location. Providers in rural or underserved areas can use telehealth to tap into a broader market and grow their revenue streams. It also enables providers to offer specialized services to patients who live far away without requiring them to travel long distances to receive care.
8. Improves quality of care provided to patients
With an enabling technology like telehealth, providers can monitor patients more closely and intervene earlier when health issues arise. Providers can use real-time remote monitoring and support to identify potential health problems before they become more severe and provide timely interventions. It can lead to better patient health outcomes and increased provider satisfaction.
9. Offers providers with greater flexibility and work-life balance
Providers experience greater flexibility and work-life balance. They can work from anywhere with an internet connection, which can be especially beneficial for those with caregiving responsibilities or other personal commitments. It eliminates the need for providers to commute to a physical office, which can save time and reduce stress.
10. Improves patient outcomes by reducing barriers to care
Reducing barriers to care and improving access to healthcare can lead to improved patient outcomes. Patients who can access care more quickly are more likely to receive the care they need promptly, which can reduce the risk of hospitalizations or other health complications. Improved patient outcomes increase patient satisfaction and enhance a provider's reputation in the community.
11. Increases patient satisfaction
Providers can offer greater convenience, reduced wait times, and increased accessibility to care with a telehealth platform. Patients who can access care more quickly are more likely to be satisfied with their healthcare experience. It can also help providers improve patient satisfaction by offering more personalized services tailored to the patient's needs.
12. Provides a more significant opportunity for collaboration and overall job satisfaction among providers
Resultant increase in collaboration between, and productivity of, medical staff improves patients' quality of care. A recent survey demonstrated that nearly 80% of health providers believe that telemedicine enhances patient care and provider job performance.
Healthcare providers have a challenging, stressful, and often frustrating job. Most providers find that the ability to meet remotely with patients, offer flexible hours, and work from various locations makes it much easier to attain a reasonable work-life balance, reduces stress, and improves overall job satisfaction.
13. Patients get increased access to healthcare
Patients’ access to healthcare is vastly improved by eliminating the distance and travel time between patients and care providers; this is especially true for specialized healthcare providers. Typically a problem found in under-served rural areas, telemedicine services now provide patients access to a wide array of technical healthcare services that are not limited by physical distance.
14. Saves patients time and money
Patients spend a significant amount of time and money seeking quality healthcare services. In fact, according to the American Journal of Managed Care, on average, it takes over 2 hours and costs a patient roughly $43 in opportunity costs ( in addition to actual medical costs) for each medical appointment he/she attends. The ability to participate in a telemedicine appointment over a smartphone or computer saves a tremendous amount of time, reduces the stress associated with taking time off from work, and eliminates the associated costs of gas, travel, parking, childcare, and other incidentals.
15. Improves short and long-term quality of care
Recent findings demonstrate that telemedicine patients experienced nearly 40% fewer hospitalizations and 30% fewer hospital readmissions and were nearly 65% more likely to spend fewer days in the hospital.
The elimination of geographic and financial barriers provides telemedicine patients with improved access to preventative care that improves long-term health outcomes.
16. Patients get increased access to specialists and on-demand options
Telemedicine eliminates potential barriers and makes it possible for both patients and primary care physicians to leverage online or on-demand availability of specialized practitioners to better access the expertise of specialists who are not physically nearby. Telemedicine provides the opportunity for patients to address serious health issues by consulting with the best specialists and health practitioners - not just those that are the closest.
17. Reduces risk of catching or spreading a new illness
Healthcare professionals take every precaution to prevent illness from spreading within their respective offices. However, despite the best of efforts, patients are often exposed to a variety of illnesses just by sitting in crowded waiting rooms; this creates an especially dangerous situation for patients with weakened immune systems or other underlying health conditions.
Telemedicine eliminates the risk of exposure by allowing patients to access quality health care services without being exposed, or exposing others, to additional illness.
18. Increases health literacy
Telehealth can help patients become more informed about their health and better understand the healthcare services available to them. Patients who use telehealth platforms can access educational resources, information about their health conditions, and other tools that can help them become more knowledgeable about their health.
19. Increases patient satisfaction
Patients experience greater convenience, reduced wait times, and increased accessibility to care. Patients who can access care more easily are more likely to be satisfied with their healthcare experience. Telehealth can also help providers improve patient satisfaction by offering services that are more personalized and tailored to the patient's needs.
20. Improves patient outcomes
Telehealth can lead to better patient outcomes by reducing the risk of hospitalizations or other health complications. Patients who can access care more easily are more likely to receive the care they need in a timely manner, which can reduce the risk of adverse health events.
Many healthcare providers have recently invested in telehealth technology and infrastructure, and patients have also become more comfortable using telehealth services. As a result, it is expected that telehealth will continue to play a significant role in healthcare delivery even after the pandemic subsides. Telehealth is likely to complement traditional in-person care, providing patients with greater flexibility and options for accessing healthcare services.
Regardless of whether you are a patient or a healthcare provider, it’s time for you to consider the benefits telemedicine can provide to you or to your practice.
Call us today to learn more about the telemedicine services RevenueXL can provide to you.